Intercede’s MyIDaaS Eliminates Workplace Passwords

Today, digital identity and credentials expert Intercede announced
MyID as a Service (MyIDaaS), a convenient and affordable cloud-based
‘strong credentials’ service for enterprises. With 25% of breaches
involving ‘internal actors’, and 81% of hacking related breaches
exploiting stolen or weak passwords1, user authentication is
currently the weakest link in the security chain and the potential for
catastrophic business impact is real.

To navigate this environment, MyIDaaS removes the need for passwords
completely, replacing them with unique, highly secure, government-grade
digital identities and an authentication process that enhances the user
experience. Critically, MyIDaaS is designed to provide this level of
security in a cost-effective manner, allowing enterprises to strengthen
authentication methods without compromising budgets.

Recognising the vulnerabilities associated with today’s digital economy,
regulators across the world are establishing rules to ensure that
security not only catches up with internet development but seeks to
“future proof” interconnectivity from emerging threats.

For example in the US, President Trump’s Executive Order on
Cybersecurity requires public and private providers of critical
infrastructure and digital services to ensure that the highest
recommended standards for cybersecurity are applied universally. This is
manifest in New York State 23 NYCRR 500 Cybersecurity Requirements for
Financial Services Companies. NIST Special Publication 800-171 for
government contractors also mandates multi-factor authentication to
ensure enhanced levels of identity assurance.

In Europe, the Second Payment Services Directive (PSD2), the General
Data Protection Regulations (GDPR) and the Markets in Financial
Instruments and Derivatives (MiFID II) Directive, all mandate enhanced
levels of digital trust enabled by strong customer authentication. These
international regulatory frameworks create a large global market for
password replacement technologies, which MyIDaaS has been specifically
designed to satisfy. By adhering to the most stringent of regulations
all companies, regardless of sector and size, can meet compliance
obligations quickly and with ease.

The latest solution from Intercede has been created by envisioning and
reengineering the company’s existing MyID solution to operate as a
secure, self-service, multi-tenanted Cloud service. It is designed to
enable organizations to replace employee passwords with more secure and
convenient digital identities on real or virtual smart cards, pluggable
tokens, mobile devices and embedded security modules. The solution
manages the lifecycle of credentials, for example revoking them if a
user leaves an organization or updating them in advance of the
credentials expiring.

“Regardless of the organization in question, weak or compromised
credentials continue to be today’s security downfall. Usernames and
passwords are the number one cause of the majority of data breaches.
While there have been solutions to this problem for a number of years,
most of them have been inaccessible to companies with limited IT
budgets, scarce resources and a lack of in-house security skills,” said
Richard Parris, CEO of Intercede.

“For over 20 years, Intercede has been at the forefront of securing
some of the most sensitive and critical industries, including defense,
aerospace, government and financial institutions. Through MyIDaaS, we’re
now offering that same level of security to businesses, without the pain
of infrastructure overhaul or hefty costs.This is a game changer
for enterprises of all sizes who need to comply with new regulations for
protecting customer information but lack the necessary budget and cyber
security expertise to build their own digital trust solutions.”

MyID is currently deployed by governments and defense companies to
secure some of the world’s most sensitive data. MyIDaaS brings that same
government-grade security to businesses to significantly reduce their
exposure to cyber-attack. The service packages digital credential
deployment into an easily-consumed cloud service. Businesses using the
service will be provided with a dedicated certification authority and
the ability to deploy digital identities on to hardware-secured zones
within existing enterprise computers and devices. This includes Intel
Authenticate or IPT on Intel powered computers and Trusted Platform
Modules on platforms running Microsoft operating systems. Future support
for physical smart cards, smartphones and Internet-of-Things connected
devices is planned.

-ENDS-

About Intercede

Intercede® is a cybersecurity company specializing in identity,
credential management and secure mobility to enable digital trust. It
provides software and services that help organizations ensure the safety
and security of their people, facilities, networks and information in an
increasingly mobile, digital world.

Intercede has been delivering solutions to high profile customers, from
the US and UK governments to some of the world’s largest corporations,
telecommunications providers and information technology firms, for over
20 years. To find out more: www.intercede.com

Notes to editors:

MyIDaaS can be deployed without businesses needing to make significant
changes to the way existing users are managed. Instead, system
administrators can define an Active Directory Security Group for each
type of credential and privilege required. Users can then be added to
these groups using existing management tools. The service also
includes a dedicated, private Certification Authority, an OCSP
responder so that businesses can immediately revoke access. A
centralised dashboard can also help users keep track of activity.

The MyIDaaS service can be subscribed to via a self-service portal,
making it a highly scalable business proposition for Intercede and its
enterprise customers to deliver and implement. Designed to support
high volumes of individual enterprise customers, MyIDaaS is also
available as an OEM service to partners who wish to embed a credential
provisioning solution within their existing product portfolios.